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    Question

    As provided under the IFSCA Act all sums realised by way

    of penalties or fines under this Act shall be credited to the____________________
    A IFSCA Fund in any currency Correct Answer Incorrect Answer
    B Consolidated Fund of India in Indian rupees Correct Answer Incorrect Answer
    C Contingency Fund of India in Indian rupees Correct Answer Incorrect Answer
    D Consolidated Fund of India in foreign currency Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Section 13 Powers of Authority in relation to financial products, financial services and financial institutions: (6) All sums realised by way of penalties or fines under this Act shall be credited to the Consolidated Fund of India in Indian rupees.

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